The Maldives spent MVR 3.4 billion on debt servicing in the second quarter of 2025, according to figures released by the Ministry of Finance and Planning.

The Ministry published its debt bulletin for the period, outlining progress in debt management. The report noted that the Government remains on track with its economic strategy and continues to pursue long-term financial stability.

As of the second quarter of the fiscal year, public and publicly guaranteed debt stood at MVR 148.9 billion. This represents 124 per cent of gross domestic product, underlining the scale of borrowing. 

During the same period, MVR 2.6 billion was channelled into ongoing projects in key sectors, while MVR 3.4 billion was allocated to debt servicing. 

The report also showed that borrowing has been balanced between domestic and external sources. Under the Budgetary Central Government (BCG),  MVR 85.4 billion was raised through domestic financing, while MVR 42.4 billion came from external financing. According to the Ministry, this distribution is aimed at strengthening financial security and ensuring sustainable resources for future investment.

Among external creditors, the Export-Import Bank of India holds the largest share, with the Maldives owing MVR 42 billion in total, including debts inherited from previous administrations. By the end of the second quarter, outstanding dues to the bank stood at MVR 9.2 billion.

The second largest external liability was linked to state bonds sold to foreign buyers, with MVR 7.7 billion still to be repaid. China’s Export-Import Bank ranked third, with MVR 7.3 billion outstanding at the close of the quarter.

Government guarantees for state-owned companies amounted to MVR 21.1 billion, equivalent to 17.6 per cent of GDP.

The overall economic outlook was also updated during the quarter, with national GDP recorded at MVR 120.1 billion.